Grand opening of Eighth Avenue Place in Calgary

MONTREAL, June 21, 2011 /CNW Telbec/ - SITQ, a business unit of Ivanhoe Cambridge Group, the real estate subsidiary of the Caisse de dépôt et placement du Québec, celebrated the grand opening of Eighth Avenue Place last night and took advantage of the opportunity to talk about plans for the construction of the second phase of the complex.

"We are pleased and enthusiastic about the idea of commencing construction on Phase II of Eighth Avenue Place in the very near future. Calgary is a dynamic city with a strong potential for growth in the real estate sector, which is one of the key investment criteria we seek out for our shareholders," said Daniel Fournier, Chairman and CEO of Ivanhoe Cambridge Group.

Construction on Phase I, a 1.1-million-square-foot, 49-storey office tower in downtown Calgary, began in December 2007 and wrapped up in spring 2011. Phase II will add a second tower and 785,000 square feet of office space to the complex, bringing the total leasable area to 1.9 million square feet.

Eighth Avenue Place is jointly owned by SITQ, Alberta Investment Management Corporation (AIMCo) and Matco Investments Ltd. The property was pre-certified LEED Platinum by the U.S. Green Building Council in December 2010, becoming the first high-rise office building in Canada and only the third in North America to earn this prestigious distinction awarded for compliance with the most stringent sustainability criteria. Among its notable features are its innovative air distribution system, its high-performance windows and its green roof, which at 30,000 square feet is one of the country's biggest.

"Businesses in Canada's energy capital are focusing their efforts on sustainability and responsible energy consumption," said Arthur Lloyd, Executive Vice President, Western Region, Canada/U.S. "These initiatives and the resulting impact on the Calgary market prompted SITQ and the property's two other owners to achieve new heights in the Canadian commercial real estate industry. The second phase of this project will naturally follow suit."

About SITQ
SITQ is a real estate investment, management and development firm specializing in key sectors including office properties, hotels, apartments and real estate investment funds. As of December 31, 2010, SITQ owned $17.6 billion in real estate assets. A leader in the Canadian real estate industry, SITQ also has holdings in the United States, France, the United Kingdom and Germany. SITQ is a business unit of Ivanhoe Cambridge Group, the 10th most important real estate group in the world, with assets located in 24 countries totalizing more than CAD$30 billion as at December 31, 2010. Ivanhoe Cambridge Group is the real estate subsidiary of the Caisse de dépôt et placement du Québec. For further details: www.sitq.com

SOURCE SITQ

For further information:

Jean-Michel Laberge
Senior Advisor, Communications, Public Affairs and Marketing, SITQ
jean-michel.laberge@sitq.com
514-847-4164

Organization Profile

SITQ

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890